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Calgary and Edmonton condo markets forecast to grow

By 2010, average Calgary condo to cost $335,885; in Edmonton $240,875
CALGARY, Jan. 30 /CNW/ - Strong demand will drive steady price increases
in the Calgary and Edmonton condo markets through the rest of the decade,
according to new data released today by Genworth Financial Canada, a
subsidiary of Genworth Financial, Inc. (NYSE: GNW). Genworth's Metropolitan
Condominium Outlook report forecasts Calgary condo price growth to average
12.3 per cent in 2007, then 4.5 per cent annually through 2010; while Edmonton
will average 18.3 per cent this year and 4.1 per cent annually to 2010.
"Recently, Calgary has been booming and we're seeing similar major growth
in Edmonton, as supply tries to keep up with growing demand from fantastic
population and economic growth," said Peter Vukanovich, president Genworth
Financial Canada. "It's a great time for Calgarians and Edmontonians to
realize the dream of homeownership."
The Metropolitan Condominium Outlook reviewed new and resale condo
markets in Montreal, Ottawa, Toronto, Calgary, Edmonton and Vancouver based on
data from the Conference Board of Canada. New condo prices were not included.
The good news is that there is no end in sight to the current cycle of strong
demand, allowing price growth to stay in positive territory across all six
markets. The study looked at all existing condominium types in Calgary and
Edmonton, while surveying only condominium apartments in Vancouver, Toronto,
Ottawa and Montreal.
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Average Average Average
Condo Price Price
Price In 2007 in 2010
City In 2006 (forecast) (forecast)
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Montreal $169,899 $177,015 $200,063
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Ottawa $177,267 $184,772 $206,587
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Toronto $239,816 $247,303 $280,175
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Calgary $262,456 $294,681 $335,885
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Edmonton $180,367 $213,352 $240,875
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Vancouver $289,344 $307,305 $349,409
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Sources: The Conference Board of Canada; Canada Mortgage and Housing
Corporation; Canadian Real Estate Association. Note: For Montreal,
Ottawa, Toronto and Vancouver, resale apartments classified as condos
were included; for Calgary and Edmonton, data includes condos that are
single-detached units, semi-detached units, townhouse/row units, and
apartments that are classified as condos.
The full Metropolitan Condominium Outlook including information on other
major cities and detailed analysis of the Canadian markets is available at
www.genworth.ca.
About Genworth Financial Canada:
Genworth Financial Canada, The Homeownership Company, works with lenders,
mortgage brokers, real estate agents and builders to make homeownership more
affordable and accessible throughout Canada. The company combines global
experience in mortgage insurance with technological and service leadership to
deliver innovation to the mortgage marketplace. Additional information about
Genworth Financial Canada is available at www.genworth.ca or through mortgage
lenders.
About Genworth Financial
Genworth is a leading insurance holding company, serving the lifestyle
protection, retirement income, investment and mortgage insurance needs of more
than 15 million customers, and has operations in 24 countries. For more
information, visit www.genworth.com.